CIT Group Inc. (CIT) Upgraded to Neutral at Bank of America Corp.
Bank of America Corp. upgraded shares of CIT Group Inc. (NYSE:CIT) from an underperform rating to a neutral rating in a report released on Tuesday morning. Bank of America Corp. currently has $39.00 target price on the financial services provider’s stock.
Other equities analysts have also issued research reports about the company. TheStreet raised CIT Group from a hold rating to a buy rating in a research note on Monday, August 8th. Zacks Investment Research raised CIT Group from a hold rating to a buy rating and set a $40.00 price target on the stock in a research note on Wednesday, September 28th. BTIG Research reaffirmed a buy rating and set a $52.00 price target on shares of CIT Group in a research note on Wednesday, August 17th. Barclays PLC cut their price target on CIT Group from $37.00 to $35.00 and set an equal weight rating on the stock in a research note on Friday, July 29th. Finally, Stifel Nicolaus lowered CIT Group from a buy rating to a hold rating and upped their price target for the company from $40.00 to $41.00 in a research note on Friday, October 7th. Eleven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $42.81.
Shares of CIT Group (NYSE:CIT) traded down 0.33% during midday trading on Tuesday, reaching $36.45. The company’s stock had a trading volume of 362,823 shares. CIT Group has a 12 month low of $25.19 and a 12 month high of $46.51. The stock has a 50-day moving average of $35.97 and a 200 day moving average of $33.79. The company has a market cap of $7.36 billion, a price-to-earnings ratio of 7.28 and a beta of 1.52.
CIT Group (NYSE:CIT) last posted its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.13. The company had revenue of $645.10 million for the quarter, compared to analyst estimates of $620.33 million. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. The business’s revenue was up 58.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.66 earnings per share. On average, analysts predict that CIT Group will post $2.33 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Macquarie Group Ltd. increased its position in CIT Group by 655.3% in the second quarter. Macquarie Group Ltd. now owns 35,500 shares of the financial services provider’s stock worth $1,133,000 after buying an additional 30,800 shares during the last quarter. IFP Advisors Inc increased its position in CIT Group by 23.6% in the second quarter. IFP Advisors Inc now owns 6,177 shares of the financial services provider’s stock worth $197,000 after buying an additional 1,179 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in CIT Group by 22.3% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 65,076 shares of the financial services provider’s stock worth $2,077,000 after buying an additional 11,856 shares during the last quarter. Pine River Capital Management L.P. purchased a new position in CIT Group during the second quarter worth about $703,000. Finally, Amalgamated Bank purchased a new position in CIT Group during the second quarter worth about $208,000. Institutional investors and hedge funds own 98.46% of the company’s stock.
CIT Group Company Profile
CIT Group Inc (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world.
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